IAIS published the newsletter for April 2019, which highlights that IAIS published the aggregate report on "Phase 2 Implementation Assessment of the Global Systemically Important Insurers (G-SII) Policy Measures (Liquidity Management Plan)" in April 2019. Phase 2 builds on the Phase 1 annual self-assessment, with more intensive reviews on the consistency of implementation of G-SII policy measures.
This newsletter also contains an article that describes the preparations of the Implementation and Assessment Committee (IAC) to deliver on the high-level goals of the next strategic plan of IAIS. Additional key updates for this month are as follows:
- The Supervisory Forum met on April 16-17 in Bermuda and discussed a variety of topics, including the use of new technology by supervisory bodies, trends in reinsurance, management of legacy insurance (run-off) portfolios, and supervision of insurers’ exposure to climate risk and cyber risk. The Forum also received presentations from local industry speakers on topics such as reinsurance and global trends in insurance markets.
- At its meeting on April 03-04, the Resolution Working Group discussed outcomes on the 2018 public consultation on ComFrame material related to recovery and resolution integrated into the Insurance Core Principle (ICP) 12 on exit from the market and resolution and ICP 16 on enterprise risk management for solvency purposes. The Working Group also discussed the resolution of comments on the public consultation on the application paper on recovery planning. Both materials are expected to be adopted by the Annual General Meeting in November.
- The Standards Assessment Working Group met on April 08-09 and discussed the development of the Self-Assessment Tool (in cooperation with the A2ii). The working group also discussed the progress of the Peer Review Process on ICPs 1 and 2 (Supervisor) as well as on ICPs 4, 5, 7, and 8 (Corporate Governance and Risk Management).
- The Supervisory Material Review Task Force met on March 27-28 to discuss, among other items, the consistency of revisions (by other subcommittees) to ICPs and ComFrame, including those related to the holistic framework for systemic risk in the insurance sector, review of the IAIS glossary, and introduction and assessment methodology to ICPs and ComFrame.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, G-SII, Recovery and Resolution, IAIS
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EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.